As some of you may have been able to guess from the photos I posted yesterday, I was in Bogotá, Colombia this past weekend as a guest of the Autorregulador del Mercado del Valores de Colombia to speak at their III Seminario De Control Interno Y Compliance: Experiencias Y Mejores Prácticas En Los Mercados De Activos Financieros.
This was really a fabulous program – well organized, with excellent simultaneous translation and interesting speakers (the list is below). Special thanks are due to Ana María Prieto Ariza, Subdirectora de Divisas, for taking such good care of the foreign speakers, and to AMV President Roberto Borrás Polanía for hosting us.
The conference was a particularly interesting mix of different geographical and subject matter areas of expertise – US, Colombian, and Mexican and legal, accounting, and risk management, in particular. Such a combination always presents the danger that people will talk past each other, but I didn’t find that to be the case here. In fact, as we speakers discussed among ourselves at lunch and dinner, we were all pleasantly surprised at the numerous points of commonality across our presentations, and by how much we still had to share with each other after the formal conference concluded.
I was at the seminar to talk about “rogue trading” – a topic I also discussed at last year’s Risk Management Association annual Governance, Compliance and Operational Risk Conference in Cambridge. This year, however, I spent a good chunk of the presentation discussing the ongoing criminal trial of Kweku Adoboli, the alleged UBS rogue trader accused last year of losing $2.3 billion. On Friday, the court added two additional false accounting charges. Adoboli thus now stands accused of four counts of false accounting and two counts of fraud by abuse of position.
I’ll return shortly to talk some more about various elements of the trial and, in particular, the differences and similarities between the Adoboli case and other recent rogue trading incidents.
* Roberto Borrás Polanía, Presidente, Autorregulador del Mercado de Valores de Colombia (AMV)
* Leonardo Villar Gómez, Director Ejecutivo, Fedesarrollo
* Muna D. Buchahin, Vicepresidenta, Asociación de Examinadores de Fraude Certificados (ACFE), México
* Kimberly D. Krawiec, Professor of Law - Duke Law School, North Carolina
* Rosemary Hollinger, Asesor regional, Commodity Future Trading Commision (CFTC), Chicago
* Arnulfo Vanegas Montenegro, Director de Supervisión, Autorregulador del Mercado de Valores de Colombia (AMV)
* Álvaro Tirado Quintero, Presidente, Interbolsa
* Diego Jiménez Posada, Presidente, Correval
* Alonso Ángel Lozano, Vicepresidente de Inversión, Porvenir
Photo top right: Funeral mask, El Museo del Oro
Photo middle left: building in La Candelaria